Riyadh, Saudi Arabia – The Saudi EXIM Bank on Thursday announced the signing of a Memorandum of Understanding (MoU) with the Development Bank of Kazakhstan to establish guiding principles for cooperation and boost the export of products and services between Saudi Arabia and Kazakhstan.
The MoU was signed by Deputy CEO of Saudi EXIM Bank Dr Naif bin Abdulrahman Al-Shammari, and Chairman of the Management Board of the Development Bank of Kazakhstan Marat Yelibayev in Riyadh.
Speaking on the partnership, Al-Shammari said that the MoU will facilitate exporting Saudi non-oil products into global markets.
“The signing of this MoU exemplifies our efforts to leverage international partnerships to promote Saudi exports to regional and global markets,” Al-Shammari said. “We aim to work closely with the Development Bank of Kazakhstan to harness promising opportunities, capitalizing on the excellence of the industrial sectors and the quality of products of both countries. The collaboration will also support joint projects and provide finance and joint guarantee.”
Yelibayev stressed the MoU’s strategic role in supporting trade exchange between the two nations. “This MoU will bolster exports between Saudi Arabia and Kazakhstan, create opportunities, and support joint projects that mutually benefit both entities.”
Under the MoU, both banks have also agreed to exchange information, experiences, and best practices to enhance the development of services and products. The MoU will also facilitate collaborative research efforts and knowledge sharing to design export credit policies and practices and provide workforce training opportunities.